Significant and Critical Accounting Policies and Practices (Tables)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Schedule of Consolidated Interest in Controlling Entities

The condensed consolidated financial statements include all accounts of the entities as of the reporting period ending date(s) and for the reporting period(s) as follows:

Name of consolidated subsidiary or entity	State or other jurisdiction of incorporation or organization	Date of incorporation or formation (date of acquisition, if applicable)	Attributable interest
KTC Corp.	The State of Nevada, U.S.A.	September 20, 2010		100	%
Kicking the Can L.L.C.	The State of Delaware, U.S.A.	April 17, 2009		100	%
Wizard World Digital, Inc.	The State of Nevada, U.S.A.	March 18, 2011		100	%
Wiz Wizard, LLC	The State of Delaware, U.S.A.	December 29, 2014		100	%
ButtaFyngas, LLC	The State of Delaware, U.S.A.	April 10, 2015		50	%

Schedule of Inventories

Inventories are stated at average cost using the first-in, first-out (FIFO) valuation method. Inventory was comprised of the following:

	June 30, 2017		December 31, 2016
Finished goods	$	20,789	$	-

Schedule of Weighted Average Assumptions

The Company utilized the following range of management assumptions in valuing the derivative conversion features during the six months ended June 30, 2017:

Exercise price	$	0.12 – 0.14
Risk free interest rate		1.38% - 1.89	%
Dividend yield		0.00	%
Expected volatility		99.36% - 114.17	%
Remaining term		1.50 – 4.42 years

Schedule of Fair Value Measured on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the balance sheets as follows:

	Carrying		Fair Value Measurement Using
	Value		Level 1		Level 2		Level 3		Total
Embedded conversion feature	$	2,091,364	$	-	$	-	$	2,091,364	$	2,091,364
Warrant liability		2,762,001		-		-		2,762,001		2,762,001
June 30, 2017		4,853,365	$	-	$	-		4,853,365		4,853,365

Schedule of Fair Value Assets on Recurring Basis

The following table provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets measured at fair value on a recurring basis using significant unobservable inputs during the six months ended June 30, 2017.

	Warrants			Convertible Note			Total
Balance – December 31, 2016	$	3,200,137		$	3,298,600		$	6,498,737
Change in fair value of derivative liability		(438,136	)		(1,207,236	)		(1,645,372	)
Balance – June 30, 2017	$	2,762,001			2,091,364			4,853,365

Summary of Computation of Loss per Share

The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income (loss) attributable to common stockholders per common share.

	For the Three Months Ended
	June 30, 2017			June 30, 2016
Numerator:
Net (loss) income attributable to common stockholders	$	(2,226,572	)	$	400,779
Effect of dilutive securities:
Convertible note - Interest expense and debt discount (net)		-			-
Net change in derivative liabilities - warrants and convertible note		-			-
Diluted net (loss) income	$	(2,226,572	)	$	400,779
Denominator:
Weighted average common shares outstanding - basic		68,535,036			51,368,386
Dilutive securities (a):
Convertible note		-			-
Options		-			3,513,789
Warrants		-			-
Weighted average common shares outstanding and assumed conversion - diluted		68,535,036			54,882,175
Basic net (loss) income per common share	$	(0.03	)	$	0.01
Diluted net (loss) income per common share	$	(0.03	)	$	0.01
(a) - Anti-dilutive options excluded:		37,980,834			10,209,000

	For the Six Months Ended
	June 30, 2017			June 30, 2016
Numerator:
Net (loss) income attributable to common stockholders	$	(1,709,400	)	$	384,669
Effect of dilutive securities:
Convertible note - Interest expense and debt discount (net)		-			-
Net change in derivative liabilities - warrants and convertible note		-			-
Diluted net (loss) income	$	(1,709,400	)	$	384,669
Denominator:
Weighted average common shares outstanding - basic		68,535,036			51,368,386
Dilutive securities (a):
Convertible note		-			-
Options		-			3,513,789
Warrants		-			-
Weighted average common shares outstanding and assumed conversion - diluted		68,535,036			54,882,175
Basic net (loss) income per common share	$	(0.02	)	$	0.01
Diluted net (loss) income per common share	$	(0.02	)	$	0.01
(a) - Anti-dilutive options excluded:		37,980,834			10,209,000